Control & Connectivity - South Korea

South Korea

Revenue in the Control & Connectivity market is projected to reach €1.1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.12%, resulting in a projected market volume of €1.8bn by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 33.4m users by 2029.
Household penetration will be 11.8% in 2024 and is expected to hit 27.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €132.30.

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Analyst Opinion

The Control & Connectivity market in South Korea is experiencing significant growth and development due to several key factors. Customer preferences in the Control & Connectivity market in South Korea are heavily influenced by the country's advanced technological infrastructure and high demand for innovative solutions.

South Korean consumers have a strong preference for products that offer seamless connectivity, efficient control systems, and enhanced user experiences. This has led to a rise in the adoption of smart home devices, IoT-enabled solutions, and advanced control systems in various industries such as manufacturing, automotive, and healthcare. Trends in the market show a shift towards more integrated and intelligent control and connectivity solutions.

South Korean companies are investing heavily in research and development to create products that offer advanced features and functionalities. For example, the integration of artificial intelligence and machine learning technologies in control systems is gaining traction, as it enables predictive maintenance, real-time monitoring, and automation. Additionally, there is a growing demand for wireless connectivity solutions, such as Bluetooth and Wi-Fi, which offer flexibility and convenience to users.

Local special circumstances in South Korea contribute to the development of the Control & Connectivity market. The country has a highly skilled workforce and a robust ecosystem of technology companies, which fosters innovation and drives the development of new products and solutions. South Korean companies also benefit from strong government support and initiatives aimed at promoting the adoption of advanced technologies, such as the Internet of Things and smart manufacturing.

This creates a favorable environment for the growth of the Control & Connectivity market. Underlying macroeconomic factors also play a role in the development of the Control & Connectivity market in South Korea. The country has a strong economy and a high level of disposable income, which enables consumers to invest in advanced control and connectivity solutions.

Additionally, South Korea is known for its strong manufacturing sector, which drives the demand for automation and control systems in industries such as automotive and electronics. The government's focus on digital transformation and smart city initiatives further fuels the growth of the Control & Connectivity market. In conclusion, the Control & Connectivity market in South Korea is experiencing significant growth and development due to customer preferences for innovative solutions, trends towards integrated and intelligent control systems, local special circumstances such as a skilled workforce and government support, and underlying macroeconomic factors such as a strong economy and a focus on digital transformation.

This creates a promising market for companies operating in the Control & Connectivity industry in South Korea.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.